April 19, 2024
Latest Cryptocurrency News

Wallet Provider Magic Attracts $52 Million Investment Led by PayPal Ventures  

San Francisco-based wallet-as-a-service (WaaS) provider Magic announced a successful funding round on Wednesday, May 31, securing $52 million in strategic funding led by PayPal Ventures. The round also included participation from venture firms Cherubic, Synchrony, KX, Northzone, and Volt Capital, bringing Magic’s total funds raised to over $80 million. 

Magic’s software is currently utilized by various brands in the retail, music, fashion, and gaming sectors, including Mattel, Macy’s, Xsolla, and Immutable. With the newly acquired funding, Magic aims to drive widespread adoption by offering genuine digital ownership opportunities. Their plans involve expanding functionality, enhancing use cases, and deepening integration within the European Union and Asia-Pacific region. 

By implementing Magic’s software development kit (SDK), vendors can enable users to create wallets using their existing email, social, SMS, or federated logins. The software provides a comprehensive solution for user onboarding, encompassing authentication, fiat on-ramps, nonfungible token (NFT) minting, and NFT Checkout. Moreover, the platform ensures compliance with various regulations, such as SOC2 Type 2, CCPA, GDPR, HIPAA, and ISO. 

Established in 2020, Magic has already generated over 20 million unique wallets and boasts a developer base of more than 130,000 utilizing its SDK. The company claims its proprietary technology has the capacity to generate over 2,000 wallets per second. 

Recent years have witnessed significant funding rounds for crypto and Web3 wallet providers. For instance, in November 2021, ConsenSys, the Web3 software developer behind the self-custodial wallet MetaMask, raised $200 million at a valuation of $3.2 billion. Likewise, on March 30, 2023, crypto wallet provider Ledger secured $109 million at a valuation of $1.4 billion, driven by a surge in demand for self-custody. Additionally, multichain wallet BitKeep raised $30 million at a valuation of $300 million in the same month. 

Related posts

Custodia Bank Launches Bitcoin Custody Platform Amid Regulatory Triumph

Cheryl  Lee

Core Scientific Inks $100M Deal with CoreWeave

Eva Moore

VanEck Ads Hint at Upcoming Ethereum ETF Launch

Anna Garcia

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More